News
CNN: Money | Manufacturing activity, employment on the rise
The Institute of Supply Management's survey of manufacturing purchasing managers rose to 53.9 from 52.7. That's a bit better than the 53.4 forecast of economists surveyed by Briefing.com.
Bloomberg | Raw Materials Seen Rebounding as Global Economy Skirts Slump: Commodities
Commodities may rebound from their first retreat in three years as developing economies shore up global growth, driving demand higher at a time when raw-material producers are already struggling to keep up.
Bloomberg | Retail Estimate for December Raised, Discounts Heavy
Retail sales at stores open more than a year may have gained as much as 4.5 percent in December, more than previously estimated, as U.S. shoppers pursued holiday discounts, a trade group said.
Daily Finance | Holidays' Retail Binge Will Lead to a Spending Diet in Early 2012
The holiday season was a heck of a party for retailers, but consumers are now nursing a shopping hangover that will keep them out of the nation's stores in January and February.
CNN: Money | Bankruptcies 2012: Doubling down
Expect the number and size of corporate bankruptcies to double in 2012.
WSJ | Weak Data Set Stage for ECB Rate Cut
Weak data on business activity and inflation Wednesday strengthened the likelihood of more interest-rate cuts by the European Central Bank in coming months.
Econ Comments
WSJ | Why Public Pensions Are So Rich
Shifting government workers to 401(k)-style plans would offer greater transparency and keep benefits in line with the private economy.
RCM | The Housing Market Rebuilds Brick by Brick
There are certainly enough conventional reasons, from unemployment to the number of homes whose mortgages are underwater, to explain why the housing market hasn't begun a significant rebound four years after the slide began.
WSJ | Rent Control Hits the Supreme Court
Private apartment owners should not have to fund a public welfare program.
Blogs
Cato @ Libety | Is Income Inequality Increasing? Only If You Don’t Count Health Benefits
Income inequality is not so much a problem as income opacity.
Reason Foundation | China's Emerging Housing Dilemma
China's housing market appears to be nearing a precipice, and it's far from clear Chinese policymakers will be able to stop in time before the economy goes over the edge.
AEI: The American | Obama’s worst-case economic scenario is now Wall Street’s baseline scenario
This 2012 forecast is from economic consultancy IHS Global. I think it fairly represents the Wall Street consensus:
Cato @ Liberty | Do Free Markets Tend Toward Concentration? The Case of Banking
Perhaps the most significant difference between my own views and those of my progressive friends is on the relationship between business and government, especially “big business”.
AEI: The American | Debunking Elizabeth Warren, (D-Occupy)
And the story of the past decade is one of a) slow economic growth and b) devastating crony capitalism in the housing and financial sectors. Too much government, too little entrepreneurial capitalism.
WSJ | World-Wide Factory Activity, by Country
Global manufacturing was expanding in much of the world last month, as growth in North America and Asia offset contraction in Europe, according to an index published by J.P. Morgan.
